The luxury carmaker did not release much information on what the Purosangue will look like or cost.
After much fanfare and months of online speculation, the Ferrari (RACE) – Get Ferrari NV Report Purosangue SUV is set to launch by the end of 2022.
Standing for the Italian words for pure (“puro”) and blood (“sangue”), the Pursosangue is the luxury sportscar maker’s first performance SUV at a time when competitors like Lamborghini (VLKAF) and Aston Martin are launching their own versions. While the launch will come first, the first buyers will start receiving their cars in early 2023.
The announcement came during a Wednesday earnings call in which the Maranello, Italy-based Ferrari reported net profit of €833 million (around $940 million), up from €609 million in 2020). Car orders also hit a record 11,155, or 22% more than in 2020.
“I’ve driven it several times in the hills of Maranello,” CEO Benedetto Vigna told analysts during the call first reported by CNBC. “And I can testify that the driving experience is really astonishing.”
Look? Cost? Driving Capabilities?
Ferrari has not released any information on the new SUV’s look, cost or driving capabilities — the photos to emerge online are theoretical renderings. Some online speculation mentions a long bonnet, steep windscreen and large wheelbase.
The Purosangue will start as a hybrid version but will likely see electric new versions amid Ferrari’s pledge to go carbon neutral by 2030.
Launched in 2020, the Aston Martin DBX SUV starts at $180,000; the latest version, DBX707 was unveiled this week. One of the first carmarkers to launch a luxury SUV, the Porsche Cayenne is significantly more affordable with a $69,000 base price. The Bentley Bentayga starts at $240,000 and was designed for (what seems like a luxury car oxymoron) off-roading.
Why Is Ferrari Doing This?
Each new Ferrari release is tracked closely by enthusiasts anxious to know every detail — the latest trend of SUVs released by ultra-luxury brands also suggest that the carmakers are trying to create version that “relate” to those who cannot afford the six-figure price tag.
Amid increasing demand (Ferrari sales in China, Hong Kong, and Taiwan jumped by 97% last year), the SUV is also a way to tap into both new and existing customer bases. Debates about what is “the most powerful” or “the most luxury” SUV already rage online.
“We carefully managed an impressive order intake in line with our strategy to pursue controlled growth and preserve brand exclusivity,” Vigna said in the call.
